Dogecoin Open Interest Climbs To $4 Billion Again After Market Rebound
The encryption market is Backup After the recent decline, clocks and prices have begun to rise again. Interestingly, This new motivation It has been seen that the open interest of dog coins has changed from negative threshold to positive thresholds. As the price of coins was attractive, traders poured into the derivative market again, pushing the total open interest by $ 4 billion.
Dogecoin’s open interest has increased as the market revives
according to Data from Coinglass, Dogecoin’s all open interest has returned to a $ 4 billion mark, indicating that the trading activity is reviving. This is after the price of Dogecoin A rebound of $ 0.31 Many years of support began to move upwards again.
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Interestingly, the data of Coinglass shows that in the past 24 hours and 4 hours, Dogecoin’s interest in opening up has increased 3.11 % and 2.09 %, respectively. This transformation shows that traders once again regard Dogecoin as promising assets of leverage works, betting on further price changes.
The most striking open interest is that on Gate.io Exchange, it has increased by 5.14 % over the past 24 hours. This raised its total openness to 1.64 billion US dollars, accounting for 41 % of the total interest rate. Bitget and Bingx also witnessed a significant upward trend. In the past 24 hours, Dogecoin’s interest in opening up has increased by 6.41 % and 6.67 %, respectively.
On the other hand, binance It has not been in a positive change of interest. In the past 24 hours, the world’s largest encrypted exchange is still at -0.13 % open interest rate, but it has also been at the edge of positive interest rates in the past four hours, an increase of 1.41 %.
Increasing leverage may lead to greater price fluctuations
The rise in open interest means that more traders are opening lever position, which may expand the price Swing in any direction. Interestingly, during the increase in open interest, Dogecoin often experiences strong price changes. This growth alone means that the market participation of the Dogecoin has increased.
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If you continue to watch the bullish mood, this market is involved May drive the price of Dogecoin In the short term, it goes further in the range of $ 0.30 to $ 0.4. However, if Dogecoin has re -supported again at a price of $ 0.31, this also increases the possibility of liquidation.
When writing this article, Dogecoin’s transaction price was $ 0.3316. Since the bouncing for many weeks, it has increased by 7 % to $ 0.31. The next step of the cause coin is in Recently developed The daily candlestick resistance is $ 0.3316. If the continuous purchase pressure continues, this may be paved to the further rise.
Charts from special images from IStock, tradingView.com
